Ripple price declined sharply below the $0.3090 and $0.3070 support levels. XRP tested the $0.3030 support and it is currently correcting towards key resistances.
- There were additional losses in ripple price below the $0.3120 support level.
- Two bearish trend lines are intact with resistance near $0.3080 and $0.3100 on the 30-minute chart.
- XRP price is likely to struggle near the $0.3080 resistance and it could resume its decline.
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Ripple Price Analysis
In yesterday’s ripple price prediction, we discussed the chances of more losses and a strong downtrend below $0.3140. XRP did remain in a downtrend and recent bearish moves in the crypto market accelerated losses below the $0.3090 and $0.3070 support levels.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair declined heavily below the $0.3070 support level and the 25 simple moving average (30-minute chart). A new swing low was formed at $0.3031 and recently the price corrected higher.
It traded above the $0.3050 level and the 23.6% Fib retracement level of the latest decline from the $0.3114 high to $0.3031 low. However, the previous support near $0.3070 and the 25 simple moving average (30-minute chart) acted as a strong resistance.
Besides, the 50% Fib retracement level of the latest decline from the $0.3114 high to $0.3031 low is also acted as a resistance. More importantly, two bearish trend lines are intact with resistance near $0.3080 and $0.3100 on the same chart.
To start a decent rebound, the price must break the $0.3070 resistance, the 20 SMA, and both bearish trend lines. On the other hand, if buyers fail to push the price in a positive zone, there could be a fresh decline below $0.3050 in the near term.
An initial support below $0.3050 is $0.3030. Should ripple price break the $0.3030 support, the next stop for sellers could be $0.3000. Any further losses in XRP may perhaps spark heavy losses towards the $0.2950 and $0.2910 support levels in the coming sessions. On the upside, there are many resistances such as $0.3070, $0.3080 and $0.3100.
The market data is provided by TradingView, Bitfinex.
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